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Published byConstance Horn Modified over 8 years ago
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2 E & O statistics, trends, concepts, and strategies to provide you with the tools to avoid bad situations … and Errors and Omissions claims ! Linda Faulkner: 37 years in the insurance industry as an agency owner, producer, CSR, insurance CE provider, course developer, author, trainer, and instructor.
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4 E & O Categories: 1. Negligence 2. Illegal or unethical behavior 3. Unfounded allegations
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5 Majority of Commercial Lines E & O claims: General liability General liability Property Property Builder’s Risk Builder’s Risk Business Auto Business Auto
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6 Two Major Reasons for E & O claims: 1.Lack of consistent implementation of internal procedures 2. Lack of documentation
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7 You MUST document: ALL phone calls ALL phone calls ALL faxes and emails ALL faxes and emails ALL conversations ALL conversations that pertain to clients…
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9 Document using: Who Who What What When When Where, and Where, and How How
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10 ONE-HALF of E & O claims Are lost because of Improper documentation or lack of documentation
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11 “Special Relationships” require a higher standard of care and MORE documentation
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12 Potential E & O issues: Certificates of Insurance Certificates of Insurance Additional Insured Endorsements Additional Insured Endorsements
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13 Potential E & O issues: NP Cancellation follow up NP Cancellation follow up Broker of Record letters Broker of Record letters Electronic correspondence Electronic correspondence
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15 Note: This document Will be provided as a handout after the webinar
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20 E & O policy: Covers a “wrongful act” – as defined by the policy Like any other policy does NOT cover everything!
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21 E & O policy: Know the definition of “claim” Failure to report “claims” as required may void coverage
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22 E & O policy has exclusions: Big Mistake = “I don’t have to worry about what I do, I have E & O insurance.”
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24 In what direction are YOU headed?
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26 Thank You!
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